Gross Domestic Product News

23 Apr 2019

NOAA Intros New OceanReports Tool

Image: NOAA

A new web-based interactive tool for ocean mapping and planning created by NOAA and the Department of the Interior’s Bureau of Ocean Energy Management, will give everyone from ocean industries to coastal managers, students, as well as the general public the opportunity to be an ocean explorer from their own computer.U.S. ocean waters comprise nearly four million square miles and is one of the largest Exclusive Economic Zones (EEZ) in the world. Now, when users outline any area in the U.S.

26 Mar 2019

Croatia Arrests 12 in Shipyard Probe

© Jakub Wojtowicz / Adobe Stock

Twelve people were arrested in Croatia on Tuesday on suspicion of causing over one billion kuna ($152.16 million) in financial damage to the country's biggest shipbuilding group Uljanik and the state budget, the interior minister said.Uljanik, which is 25 percent state-owned and operates two shipyards in the northern Adriatic cities of Pula and Rijeka, has been battling to stave off bankruptcy due to liquidity problems that began in 2017. Workers are currently on strike, seeking unpaid wages."This morning the police began action during which 12 people were arrested…

12 Mar 2019

Rotterdam Port Invests in Expansion

Allard Castelein, CEO. Photo: Port of Rotterdam Authority

The Port of Rotterdam Authority said that its gross investments increased 91% to EUR408.1 million (USD461Mln) in 2018, the highest level since the construction of Maasvlakte 2.By far the largest part of this amount was used to further improve the logistical accessibility of the port of Rotterdam, for example by starting construction of the Container Exchange Route and building the Princess Amalia Viaduct, said a press release from the largest port in Europe, located in the city of Rotterdam…

11 Mar 2019

MARAD Offers USD 20Mln to Small Shipyards

Image: U.S. Department of Transportation's  Maritime Administration

The U.S. Department of Transportation's  Maritime Administration (MARAD) has announced the availability of $19.6 million in federal funding to support capital improvements and employee training at small U.S. shipyards.The grants are provided through the Small Shipyard Grant Program, and are available to U.S. shipyards with less than 1,200 production employees.The grants support a variety of projects. This includes capital and related improvements as well as equipment upgrades that foster ship construction, repair and reconfiguration.

14 Feb 2019

BIMCO to IMO: "Use Real Data"

Pic: International Maritime Organization

BIMCO, the largest of the international shipping associations representing shipowners, has proposed that the Fourth International Maritime Organization (IMO) Greenhouse Gas Study does not include unrealistically high gross domestic product (GDP) growth projections to predict future transport demand - and thereby emissions - of the shipping industry.“It is imperative that the industry – and the world – base discussions and actions to reduce emissions from shipping on credible and realistic projections.

14 Jan 2019

Singapore: Container Throughput Grew by 8.7% in 2018

Pic: Maritime and Port Authority of Singapore

The Port of Singapore maintained a stable performance in 2018. Container throughput grew by 8.7 per cent to 36.6 million twenty-foot equivalent units (TEUs), and total cargo throughput remained stable at 630 million tonnes.Singapore also retained its position as the world’s leading bunkering port, said a press release from Maritime and Port Authority of Singapore (MPA).Singapore continues to be home to a diverse range of maritime businesses, with more than 5,000 maritime establishments in Singapore generating over 170…

27 Dec 2018

Empty Shipyard: "Hyundai Town" Grapples with Uncertain Future

File Image / CREDIT © Burnell11

Hyundai has outsized influence over town's economy, population; Ulsan could be South Korea's Rust Belt in the making.When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.

23 Dec 2018

Rotterdam Port Contributes USD 51.86 billion to Netherlands

Image: Port of Rotterdam

USD 51.86 billion (EUR 45.6 billion) or 6.2% of the added value of the Netherlands is due to the Port of Rotterdam. This emerged in ‘The Rotterdam effect - Impact of Mainport Rotterdam on the Dutch economy’ study conducted by Erasmus University Rotterdam (EUR), commissioned by the Port Authority.Port of Rotterdam pointed out that it contributes twice as much to the gross domestic product than previously calculated. Traditionally, when determining the economic significance of the port, only direct employment and added value were measured, including the so-called backwards indirect effects.

18 Oct 2018

Croatia May Pay $651.6 Mln to Uljanik Shipyard

(File photo: Uljanik)

Croatia may have to pay 4.2 billion kuna ($651.57 million) for the costs of state guarantees extended to an ailing Adriatic shipyard that has been struggling to survive in recent months, Finance Minister Zdravko Maric said on Thursday.The figure is close to 1.2 percent of Croatia's gross domestic product."This year we will have to pay 2.5 billion kuna on the basis of state guarantees for Uljanik," Maric told an economic conference in the northern Adriatic town of Rovinj.Several…

14 Sep 2018

APH Pushes Container on Vessel Service for St. Louis Region

The concept Container on Barge vessel underway on left.

Innovative waterway concept vessel could deliver transportation savings for shippers on the Mississippi River. Plans to transport freight via innovative waterway vessels that backers say will revolutionize the inland waterway system and provide significant transportation cost savings for shippers, especially those accessing the Midwest by utilizing the Mississippi River and its tributaries, are underway, according to Sal Litrico, CEO for American Patriot Container Transport, a…

02 Oct 2018

Shipbuilding: Seaspan Shipyards & Building Canada’s Future

(Photo: Heath Moffat Photography)

There’s a shipbuilding resurgence underway in Canada that’s being driven by a long-term multibillion dollar government initiative to rebuild the federal fleet of Royal Canadian Navy and the Canadian Coast Guard vessels and breathe new life into the country’s shipbuilding industry. Seaspan’s Vancouver Shipyards is an active player.Under Canada’s National Shipbuilding Strategy (NSS), the Vancouver, B.C. shipbuilder was selected in 2011 to deliver several types of large non-combat vessels for the Navy and Coast Guard…

13 Aug 2018

'Hyundai Town' Grapples with Slowed Shipyard and Grim Future

(Photo: Hyundai Heavy Industries)

When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.

08 Aug 2018

Vinalines Mulls USD 210mln IPO

 Photo: Vinalines

Vietnam’s government is targeting to raise VND4.89 trillion ($210 million) from an initial public offering (IPO) of Vietnam National Shipping Lines (Vinalines) scheduled on September 5, 2018.According to an official release on Hanoi Stock Exchange (HNX), Vinalines will auction 488.82 million shares, or a 34.8 per cent stake at the price of VND10,000 ($0.4) apiece at the HNX. Its charter capital is estimated at approximately VND14 trillion ($616.7 million).The IPO is part of Vietnam’s broader privatisation programme to increase the efficiency and performance of state-owned firms…

24 Jul 2018

MARAD Awards More Than $20 Mln to Small US Shipyards

Maritime Administrator Mark H. Buzby (Photo: MARAD)

More than $20 million in grant funding has been awarded to support capital improvement projects at 29 small shipyards in 22 states across the U.S.The funding, awarded through the U.S. Department of Transportation’s Maritime Administration (MARAD) Small Shipyard Grant Program, supports capital improvements that foster increased efficiency and economic growth.“These grants are an investment in our country’s small shipyards and will help create good jobs for America’s workers,” said U.S. Transportation Secretary Elaine L.

19 Jul 2018

Saudi Military Industries Signs Warships JV with Navantia

(Image: Navantia)

State-owned Saudi Arabian Military Industries (SAMI) signed an agreement with Spain's Navantia to set up a joint venture in the kingdom to build five warships, the state news agency SPA reported on Thursday.The deal is part of a wider framework agreed in April by Spain and Saudi Arabia for Spanish state-owned shipbuilder Navantia to supply warships to the Gulf Arab state under a deal estimated to be worth around 1.8 billion euros ($2.2 billion).SPA said the agreement between SAMI…

11 Jul 2018

Interview: Natasa Pilides, Cyprus Deputy Minister of Shipping

Natasa Pilides, Cyprus Deputy Minister of Shipping. Copyright: All Rights Reserved IMH

Natasa Pilides, Cyprus Deputy Minister of Shipping, has held this newly created political post for only three months, but already she has big plans to facilitate the growth of her country’s stature in world maritime circles. In Athens at Posidonia we sat with Pilides to discuss her plans for the development of Cyprus’ blue economy.While dubbed “deputy” minister, make no mistake that Natasa Pilides is in charge, reporting directly to Nicos Anastasiades, the president of Cyprus who asked her to take on the challenge.

14 May 2018

Conoco Seized PDVSA Products from Isla Refinery

© Darryl Brooks / Adobe Stock

U.S. oil major ConocoPhillips has seized products belonging to Venezuelan state oil company PDVSA from the Isla refinery it runs on Curacao, an island official told Reuters on Sunday.Conoco has won court orders allowing it to seize PDVSA assets on Caribbean islands, including Curacao, in efforts to collect on a $2 billion arbitral award linked to the 2007 nationalization of Conoco assets under late leader Hugo Chavez.“PDVSA products from the installations of the Isla refinery have been confiscated.

16 Apr 2018

U.S. DOT: Funding Available for Small Shipyards

Maritime Administrator Mark H. Buzby

The U.S. Department of Transportation’s (USDOT) Maritime Administration (MARAD) announced the availability of $19.6 million in federal funding to support capital improvements and employee training at small U.S. shipyards. The grants are provided through the Small Shipyard Grant Program, and help eligible shipyards modernize operations, increase efficiency and reap the benefits of increased productivity. In 2013, U.S. shipbuilders directly employed 110,000 Americans and produced $37.3 billion in Gross Domestic Product (GDP). Available to U.S.

21 Mar 2018

American Pride: Working Hard in the US Dredging Industry

World Marine of Alabama (WMA) completed work on a contract valued at over $14 million to drydock and repair the Dredge Wheeler, a hopper dredge owned and operated by the USACE. (Photo: WMA)

We have had a great first couple of months at the Dredging Contractors of America. As the new CEO and Executive Director, I have begun to visit the companies, their facilities and associated dredging projects. So far, I have surveyed the beach re-nourishment project in Ocean City, Md. undertaken by Great Lakes Dredge and Dock. I’ve canvassed Weeks Marine’s repair and yard facility in Jersey City, N.J. In the last week of February, I visited Mike Hooks Inc.’s corporate headquarters and boatbuilding and repair yard in West Lake, La.

07 Feb 2018

Hapag-Lloyd Opens Ghana Office

Photo: Hapag-Lloyd

German-based Hapag-Lloyd opened a new office in the Ghana port city Tema, on February 1, 2018. Effective immediately, the company will be represented at the local level by its own customer service staff. “Africa is strongly developing just now. To benefit from this growth, it’s important for us to strengthen our presence in Ghana with our own office – and to get even closer to our local customers,” said Lars Christiansen, Senior Managing Director of Hapag-Lloyd’s Region Middle East.

12 Jan 2018

Road Map to Boost Singapore Maritime Industry

Dr Lam Pin Min, SMS, Ministry of Transport and Ministry of Health, at the PSA ‘Intelligent Port of the Future’ Exhibition showcasing the transformation of port operations through technology and innovation. Photo:  Maritime and Port Authority of Singapore

Dr Lam Pin Min, Senior Minister of State (SMS) for Ministry of Transport and Ministry of Health, launched the Sea Transport Industry Transformation Map (ITM) at the annual Singapore Maritime Foundation New Year Cocktail Reception. Developed by the Maritime and Port Authority of Singapore (MPA) in partnership with the industry, unions and other government agencies, the Sea Transport ITM builds on MPA’s strategic long term plans to develop Singapore’s next-generation port and strengthen our international maritime centre (IMC).

08 Dec 2017

Argentina Sticking with Submarine Program despite Disaster

Photo: Archivo Gaceta Marinera

Argentina and other South American countries are likely to maintain or increase their submarine programs despite the scrutiny that has followed the fatal loss of an Argentine sub in South Atlantic waters last month, defense specialists said. The disappearance of the ARA San Juan with 44 crew members aboard has put pressure on Argentine President Mauricio Macri to consider boosting spending for the military, including the country’s two remaining submarines. Military spending sharply decreased after the end of Argentina’s dictatorship in 1983.

05 Oct 2017

McCain Pushes Jones Act Exemption for Puerto Rico Again

U.S. Senator John McCain

U.S. Senators John McCain (R-AZ) and Mike Lee (R-UT) this week introduced legislation that would permanently exempt Puerto Rico from the Merchant Marine Act of 1920, or the Jones Act, to aid recovery efforts in the wake of Hurricane Maria and encourage long-term economic growth. The Trump administration's 10-day Jones Act waiver for Puerto Rico, despite the presence of more than enough U.S. flag tonnage to handle any and all relief sealift needs, gave McCain the opening he needed to reintroduce legislation that he has, on many prior occasions, brought to the Senate.

Maritime Reporter Magazine Cover May 2019 - Propulsion Annual - Green Marine Tech

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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